Kinetik (NYSE:KNTK) Price Target Raised to $51.00 at Citigroup

Kinetik (NYSE:KNTK) had its price objective raised by investment analysts at Citigroup from $46.00 to $51.00 in a report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price objective indicates a potential upside of 9.21% from the stock’s current price.

Other research analysts also recently issued reports about the stock. Royal Bank Of Canada lowered their price objective on shares of Kinetik from $52.00 to $46.00 and set an “outperform” rating on the stock in a research report on Wednesday, November 19th. Weiss Ratings reissued a “hold (c)” rating on shares of Kinetik in a research note on Thursday, January 22nd. Wells Fargo & Company boosted their price target on shares of Kinetik from $40.00 to $44.00 and gave the company an “equal weight” rating in a report on Friday. Scotiabank reaffirmed an “outperform” rating and issued a $48.00 price target on shares of Kinetik in a research note on Friday, January 16th. Finally, Zacks Research cut Kinetik from a “hold” rating to a “strong sell” rating in a research report on Monday, January 5th. Six analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $45.18.

Kinetik Stock Performance

NYSE:KNTK traded up $1.21 during trading hours on Monday, hitting $46.70. 1,149,245 shares of the company’s stock traded hands, compared to its average volume of 1,467,534. The stock’s fifty day moving average price is $39.56 and its two-hundred day moving average price is $38.86. The firm has a market cap of $7.55 billion, a P/E ratio of 18.17, a P/E/G ratio of 1.11 and a beta of 0.69. Kinetik has a twelve month low of $31.33 and a twelve month high of $59.22.

Kinetik (NYSE:KNTK) last released its earnings results on Thursday, February 26th. The company reported $2.16 earnings per share for the quarter, beating the consensus estimate of $0.15 by $2.01. The company had revenue of $430.42 million for the quarter. Kinetik had a negative return on equity of 32.70% and a net margin of 29.23%.The company’s revenue was up 11.5% compared to the same quarter last year. During the same period last year, the firm earned $0.01 EPS.

Insiders Place Their Bets

In other Kinetik news, insider Matthew Wall sold 8,083 shares of the business’s stock in a transaction dated Friday, January 2nd. The stock was sold at an average price of $36.05, for a total value of $291,392.15. Following the completion of the sale, the insider owned 554,738 shares of the company’s stock, valued at $19,998,304.90. The trade was a 1.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 3.83% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in KNTK. ProShare Advisors LLC lifted its holdings in Kinetik by 3.5% in the 4th quarter. ProShare Advisors LLC now owns 8,633 shares of the company’s stock worth $311,000 after purchasing an additional 294 shares during the last quarter. Maryland State Retirement & Pension System raised its position in shares of Kinetik by 5.4% in the fourth quarter. Maryland State Retirement & Pension System now owns 6,612 shares of the company’s stock valued at $238,000 after purchasing an additional 337 shares during the period. Federated Hermes Inc. lifted its stake in shares of Kinetik by 0.4% in the second quarter. Federated Hermes Inc. now owns 89,133 shares of the company’s stock worth $3,926,000 after buying an additional 346 shares during the last quarter. CWM LLC lifted its stake in shares of Kinetik by 89.8% in the fourth quarter. CWM LLC now owns 744 shares of the company’s stock worth $27,000 after buying an additional 352 shares during the last quarter. Finally, SL Advisors LLC boosted its holdings in shares of Kinetik by 1.7% during the 3rd quarter. SL Advisors LLC now owns 22,306 shares of the company’s stock worth $953,000 after buying an additional 379 shares during the period. 21.11% of the stock is owned by institutional investors.

About Kinetik

Kinetik (NYSE: KNTK) is a publicly listed midstream energy company focused on the development, operation and management of natural gas infrastructure across the United States. The company’s core business activities include the gathering, compression, processing, storage and transportation of natural gas, serving producers, utilities and industrial consumers. By integrating a suite of midstream services under a single platform, Kinetik aims to provide efficient, cost-effective and reliable solutions across the natural gas value chain.

The company was established in 2021 when assets were acquired from Talen Energy by a subsidiary of ArcLight Capital Partners, forming a comprehensive portfolio of pipelines, compression facilities and underground storage assets.